Thursday, April 18, 2024
HomeFunding NYC-based Axion Ray Secures $17.5Million in Series A Round Funding

[Funding alert] NYC-based Axion Ray Secures $17.5Million in Series A Round Funding

Axion Ray, the AI observability command center relied on by leading manufacturing companies to detect and solve emerging field quality issues affecting their customers Secures $12.5million in series A round funding.

Axion Ray, the AI observability command center relied on by leading manufacturing companies to detect and solve emerging field quality issues affecting their customers Secures $17.5million in series A round funding.

This round was led by Bessemer Venture Partners including strategic investment from RTX Ventures; existing investors, Amplo and Inspired Capital participated in the round as well. This Series A funding round brings the company’s total funding to $25 million.

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With this investment, Axion Ray will further expand its AI capabilities within technical issue detection and scale its go-to-market effort to new industries.

Daniel First, founder and CEO of Axion Ray said, “Poor quality costs manufacturers trillions of dollars every year, and when a product recall occurs, each day a manufacturer is unaware of the issue can cost them millions of dollars more, Axion Ray puts AI directly into the hands of field engineers to detect, investigate, and resolve these issues. This financing will allow us to scale our business and empower enterprises to solve their most important business problems, by enabling better cross-functional investigation accelerated with Al.”

Daniel First founded Axion Ray with the goal to help manufacturers solve their highest priority emerging issues that affect customers, as early as possible. The company’s novel AI command center flags technical issues months earlier, preventing injury, losses in warranty costs and customer downtime.

Axion’s growing customer base includes leading Fortune 500 manufacturers, such as Baxter, Cummins, Newell, Boeing, Pratt & Whitney, DENSO, and other manufacturers across electronics, automotive, medical devices and consumer products.

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On average, poor product quality costs manufacturers up to 10% of their annual revenue. By leveraging Axion Ray’s AI platform, customers have increased product quality while decreasing downtime by an average of 27% leading to improved customer experience and on average, a 16% reduction in warranty and service cost.

Kent Bennett, Partner at Bessemer Venture Partners said, “Axion Ray has emerged as a clear market leader in automating workflows for field engineers to identify quality problems faster. The excitement we’ve heard from customers about Axion tells us the company is delivering clear and massive impact, The ROI their AI command center delivers to improve uptime, customer satisfaction, and reduce cost has been a catalyst for significant growth within the customer base. We look forward to continuing our work with Axion Ray as they transform proactive AI-powered observability across industries globally.”

Michael Rohrer, Director Global Quality and Quality Conference Board Member said, “Collaborating with Axion Ray has revolutionized our approach to quality, Axion Ray’s unwavering commitment to excellence and cutting-edge AI solutions will not only streamline our processes but also significantly enhance the efficiency of nonconformance detection in the field. This will empower our team to react much faster, ensuring a swift and accurate response to any challenges. I am genuinely excited about the transformative possibilities that lie ahead in this collaboration. I anticipate a fruitful partnership and are eager to witness the positive impact it will undoubtedly have on our operations.”

Daniel Ateya, president & managing director at RTX Ventures said, “Identifying AI solutions that enable us to improve quality, support our workforce, and increase productivity is a top priority for the team at RTX Ventures, This investment underscores our confidence in Axion Ray and its AI platform to accomplish just that and aligns with our commitment to continuing to support visionary companies driving the future of manufacturing.”

Axion plans to grow its U.S. presence by expanding its workforce, hiring across sales, customer success and engineering as they continue to expand their capabilities for field quality and service leaders.

About Axion Ray

‍Axion Ray is the leading AI observability command center relied on by global manufacturing companies to detect and solve emerging quality issues affecting customers at the earliest warning signals.

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